The National Economic Council (NEC) will sit today to approve an Annual Development Programme (ADP) for the next fiscal year (2008-09) beginning from July 1.

NEC chairman and Chief Adviser of the Caretaker Government Dr Fakhruddin Ahmed is expected to chair the meeting.

Total 876 projects costing Tk 25600 crore will be placed before the NEC that have been lined up in the draft development budget for implementation in the upcoming fiscal.

Out of the total ADP outlay, 53 per cent will be supplied from the internal resources while the rest from the external sources (foreign aid).

The nature of the new ADP as well as the budget is going to be exceptional from the traditional process. The Government, shifting from the usual trend of increasing the ADP allocation every year, is going to lower it for the first time.

The New ADP will be Tk 900 crore less than the original allocation of the current ADP. In the current budget, the ADP is Tk 22,500 crore downsized (due to failure in implementation) from original Tk 26,500 crore.

Experienced from the records of poor ADP implementation in the previous years, the government has decided to limit it in planning the next year’s development. Rather, the government will increase subsidy in various sectors including agriculture, fuel and social safety-net schemes.

During the first 10 months of the current fiscal year, a total of Tk 12,233 crore has been spent to implement the ADP. This expenditure is 54 per cent of revised ADP of Tk 22,500 crore and 46 per cent of original ADP (Tk 26,500 crore).

Agriculture, water resources, rural development and education will get priority in the new ADP which will be given 24 per cent allocations from the total outlay.

Education, power and transportation sectors received close to 14 percent each of the total ADP allocations, followed by health 10 percent, and physical infrastructure and housing about 9 percent.

In absence of the parliament, the annual budget for FY 2008-09 is set to be announced through radio and television channels on Monday. According to available information, the size of the overall budget for the next fiscal year (2008-09) would be Tk 99600 crore.

The budget for the running fiscal stands at Tk 79,614 crore excluding Tk 7,523 crore liabilities of Bangladesh Petroleum Corporation.

Source: The New Nation

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